Bitcoin a Fraud? I Agree with Jamie Dimon!

Don’t Get Bit in the Morass!

The relatively recent occurrence of crypto-currency bitcoin is truly baffling. It is hard to believe that any serious investor, financial professional or anyone else would not immediately recognize it for what it is… a dangerous fraud.

Jamie Dimon, JPMorgan Chief Executive, strongly made this point in a recent Financial Times article, “JPMorgan’s Jamie Dimon calls bitcoin ‘a fraud’, ‘worse than tulip bulbs.

Bitcoin is a dubious digital currency that appeared in 2009, founded on ideas offered in a white paper by the mysterious Satoshi Nakamoto, a fictitious name of a still unidentified individual. While it has rocked up to over $4,000 per bitcoin, it is based on totally fallacious and unstable theory.

Dimon says, “It won’t end well… someone is going to get killed and then the government is going to come down on it.”

The admonishment, “buyer beware,” could not be more appropriate, when it comes to bitcoin.